两市缩量调整，沪指半日微跌0.18%

Market Overview - The A-share market experienced a decline on September 26, with the Shanghai Composite Index falling by 0.18% to 3846.33 points, the Shenzhen Component Index down by 0.79%, and the ChiNext Index decreasing by 1.17% [1][2] - The total trading volume for A-shares reached 1.38 trillion yuan [1] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation of 165.8 billion yuan at an interest rate of 1.40%, with the same amount being bid and accepted [2] - Additionally, a 14-day reverse repurchase operation of 600 billion yuan was also conducted [2] Pension Fund Investment - The scale of basic pension insurance fund investment operations has reached 2.6 trillion yuan, doubling since the end of the 13th Five-Year Plan, with an average annual return of 5.15% over the past eight years [3] Sector Performance - The petrochemical sector led the market with significant gains, with stocks like Tongkun Co. and Hengyi Petrochemical rising by 6% [3] - Real estate stocks showed signs of recovery, with Hefei Urban Construction hitting the daily limit, and other companies like Shanghai Urban Development and China Merchants Shekou rising by over 4% [3] - The military industry stocks also rebounded, with Xiangdian Co. and Chengfei Integration both hitting the daily limit [3] Sector Analysis - The chemical fiber sector is expected to benefit from the exit of outdated production facilities and the optimization of the polyester filament industry structure, with leading companies likely to gain from these changes [4] - The telecommunications and internet sectors experienced declines, with average decreases of 2.50% and 1.49%, respectively [4] Company Insights 1. Shenma Co.: The company is expanding its overseas market presence, establishing a subsidiary in Thailand, and is currently constructing a 20,000-ton nylon 66 differentiated fiber project [7] 2. Xinfengming: The company has established an integrated and scaled operation in the "PTA-polyester spinning-texturing" industry chain, with ongoing upstream PTA project developments [7] 3. Tongkun Co.: The company is expected to see significant improvements in its chemical fiber business due to favorable policies and recovering demand [7] 4. Hengyi Petrochemical: As a leading private multinational in the "refining-chemical-fiber" sector, the company is continuously enhancing its product range and structure, indicating strong growth potential [7]